Currency
There are four main forms of physical currency in Taelarys, the bit, the Copper Penny, the Silver Mark, and the Golden Sovereign. Each Penny is 10 bits, each Mark is worth 20 Pennies, and each Sovereign is worth 10 Marks. Pennies are roughly three quarters of an inch in diameter, while marks are larger at one inch and sovereigns are largest at one and a quarter inch. One side of each coin is stamped with the markings of the minting bank, while the other bears a situational mark. Bits in Taelarys are marked with the symbol of the imperial family, pennies in Taelarys bear the seal of the city, marks bear the seal in addition to the year they are minted, and sovereigns bear the profile of the current ruler in addition to their name and the year of the minting. The weight of these coins however necessitates a more compact form when large amounts are being exchanged. For this, steel trade bars are used, eight inches long, four wide, and half an inch thick. These trade bars are marked with the label of the banks that back them, while their centers are filled with a three inch diameter medallion in a certain precious metal, stamped with the seal of the bank. Copper trade bars are worth ten sovereigns, silver trade bars are worth one hundred, and the rare gold trade bars are worth one thousand sovereigns. While marks are the most commonly used currency in Taelarys, each coin is common in a certain sector of society. In the poorer sections of the city, such as the Waterfront and the Neutral Grounds, pennies see the greatest use. It is rare for any person in the slums to save more than a few marks, as any more is enough to move into the periphery of the Merchant Quarter. Tradesmen, street vendors, guards, servants, and the clergy most commonly deal in marks, though they all keep pennies on hand to make up the odd amounts often found in the markets. An average tradesman or guard can be expected to save several hundred marks in their life, perhaps even saving a handful of sovereigns. This is enough to maintain a comfortable lifestyle in the middle areas of the city. It is rare for nobles and wealthy merchants to deal in anything less than sovereigns. However, as nobles rarely bother to carry trade bars or significant coinage, there exist official documents known as Honors. Honors are signed slips of paper outlining debrs owed to other nobles, and are marked by the signet ring of the debtor. Every major bank is provided with a heraldric expert, and nobles are required to register their signets with these individuals when making use of the bank's services. This assures that the debt is repaid, either from the debtor's funds or the bank's. However, anyone who forces the bank to pay can be assured of being blackballed by any major financial institution in the future. This reliance on personal signets makes the theft or copy of any signet ring a major offense. In terms of purchasing power, one bit is worth is worth 50 cents and one penny is roughly equal to 5 USD today. Extrapolating, this gives a mark a value of one hundred USD, and a sovereign is worth one thousand USD. Daily Wages - *Unskilled low quality labor (people who hand out leaflets, crop pickers) - 5 bits per hour is a common wage. These are the lowest of the low jobs and are often fought over with companies offering slave labor. *Unskilled higher quality labor (general labor) - 12 bits per hour is not uncommon, someone at this point could make up to 2 pennies per hour. Anyone with a strong back or determination to work, but not real training or skills. *Lower quality Skilled labor (carpenters, tailors) - Hourly rates of 2 pennies to 3 pennies per hour. People who have training, but are not considered masters. *High Quality Skilled labor (Any position that takes training, years of experiance and talent) - 3 pennies to even as much as 1 mark per hour. People who have mastered their trade and are sought out for their skills. *Highest labor (Ranging from the truly elite in their field like highest paid lawyers to mega paid stars of the arena and entertainment) - Typically make at least 1 mark per hour, sometimes make as much as one soveirgn. These people are very rare. The nobility and royalty of Taelarys do not collect salaries as such. Instead, a variety of held properties, owned businesses, taxes, and indentured craftsmen produce goods and currency that not only supports the expansive noble households but also provides a general amount of disposable resources every month. Wealth - One rank in wealth would give a modest mansion within the city, usually in the better neighborhoods of the Market Quarter, or a small estate in the countryside. These typically include up to ten household servants, a carriage and team of horses, and regular dining on meat and imported produce. The monthly stipend left after household expenses is roughly one hundred sovereigns. Two ranks in wealth would give an Estate within Taelarys or a hundreds of acres large estate in the country. These typically include up to thirty household servants, regular dining upon delicacies and fine wine, and a small staff of household guards. The monthly stipend is roughly three hundred sovereigns. Three ranks in wealth would give an Estate within Taelarys as well as a massive estate in the country. These include at least one hundred household servants spread through both locations, easy access to the rarest of foods and wines, and a small army of trained guards. The monthly stipend is roughly five hundred sovereigns.